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  In 2020, Abeg was founded by Dare Adekoya, Muheez Akanni, Patricia Adoga and Eniola Ajayi-Bembe. The name of the FinTech app is a wordplay on popular Nigerian parlance abeg, which is used to beg for something or to say please. The platform bears a striking resemblance to the popular US-based mobile payment service, Cash App and allows users to request and send money to each other with tags.
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The app, which has a logo bearing the letter ‘a’ with a dollar mark across it and a purple background, was launched in September 2020 and saw massive acceptance from young Nigerians looking to make financial transactions outside Nigeria’s traditional payments. Within its first week of appearing online, the app recorded over 5,000 users even with zero marketing efforts. Because of the harsh economic situation of the country and the inflexible methods of obtaining microloans from financial institutions, people are likely going to turn to their friends and family for financial help. The founders’ startup idea was to create an app that would make it easy and possible for people to ask for money and receive it in an organized manner. Hence, the prominent services available on the app include requesting, sending and receiving money. Once you have installed the app and opened an account, your BVN gets verified with your phone number, and then the system scans through your contact list for persons who have the app installed on their phones. When they are finally identified, you can send a request to any one of them for money.
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To sign up, you are to provide the following information: full name, email address, a phone number for OTP verification, and a bank verification number (BVN). To send money to users on your contact list, you would have to fund your account wallet. You can withdraw money into your bank account but you would have to link your bank account to your Abeg account. Users have to create a tag that is used to send or request money, and then they get a digital wallet needed for carrying out transactions. Using tags in place of the traditional bank accounts is a fun way of transacting with others on Abeg. The Abeg app has done well tremendously by allowing the possibility of asking people within a person’s circle for money easily. And since it was developed with young adults (who are majorly university students) as the main target audience, the language used in the app is simple and easy to understand. This makes the app navigable when used for the very first time. Featured Image Source: Fulloaded
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This article was first published on 30th January 2022

ernest-chigaemezu

Ohia, Ernest Chigaemezu is a writer, editor, and grade teacher based in Jos, Nigeria.

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